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Depleting assets by
waiting too long to begin asset protection planning.
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Thinking that it is too
late to begin the planning process.
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Believing that Medicare
pays for long term nursing home care.
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Failing to preserve a
reserve fund to pay for care not provided by Medicaid.
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Relying on advice from
someone who is not an expert in the Florida Medicaid program.
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Failing to get a
durable power of attorney signed before a person is incompetent.
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Neglecting the
possibility that the well spouse may die before the sick spouse.
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Skipping the fact that
both spouses may need nursing home care.
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Failing to take
advantage of spousal protection regulations.
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Transferring assets
without understanding the Florida Department of Children and Families
(DCF) transfer rules and penalties.
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Confusing the look back
period and the transfer disqualification period.
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Causing an extension of
the transfer disqualification period by applying too soon.
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Transferring the home
directly to the children without understanding the homestead protection
laws in Florida.
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Ignoring exempt
transfers that do not result in a period of disqualification.
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Failing to disclose all
transfers made in the 36 months (increasing 60 months) prior to the Medicaid application.
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Confusing the Internal
Revenue Service $12,000 yearly gift tax exclusion with the Department of
Children and Families (DCF) rules concerning disqualification penalties
caused by the transfer of assets.
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Failing to consider the
tax consequences during the planning process.
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Thinking that assets in
any type of trust will not be counted in the available asset total.
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Lacking knowledge about
how annuities can be used to gain Medicaid qualification quickly.
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Missing the use of
exempt assets in the planning process.
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Confusing gross income
with net income, the amount actually received after deductions for such
things as income taxes, health insurance premiums, etc.
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Applying for Medicaid
for a person whose gross income is greater than Florida's income cap and
who does not have a Qualified Income Trust.
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Failing to fund the
Qualified Income Trust each month of Medicaid benefits.
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Omitting any asset or
source of income in the Medicaid application.
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Failing to keep
accurate records for submission to DCF.
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Neglecting to notify
DCF of any changes in assets or income after approval.